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2023-12-31-accounts

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) LEGAL AND ADMINISTRATIVE INFORMATION

,

wee wee wee
Trustees BBates
—
Mr D Beli
M Betteridge
A Broom
JE Dawson
S Jones
P Oakes
D Spencer
S Spencer
JH Taylor
M Weaving
Mr N Moore
Mr M Elias
Charity number 1074650
Independent examiner Jerroms Business Solutions Limited
Lumaneri House
Blythe Gate
Blythe Valley Park
Solihull
West Midlands
B90 8AH ;
Investmentadvisors ChambersSmith FinancialPlanningLtd

:

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) CONTENTS

Page
Trustees’ report 1-2
Statement oftrustees’ responsibilities 3
)
Independent examiner's report 4
Statement of financial activities 5-6
)
Balance sheet 7
Notestothefinancialstatements 8-21

THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The trust's main objects are to support Queen Elizabeth Grammar School, Ashbourne, to provide appropriate affordable accommodation for local elderly people and to administer a number of small local trusts. The policies adopted in furtherance of these objects are to invest funds and maintain reserves to ensure the long term sustainability of these projects, and there has been no change in these during the year.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance

Significant activities and achievements against objectives

.

,

During the year the 46 almshouses were maintained and almost fully occupied. Donations were made to the School, and to other bodies in accordance with historic trusts.

Financial review

The attached accounts show the current state of the finances of the charities, which the trustees consider to be sound.

As interest rates increased in the year, cash holdings in excess of short term requirements was placed in term deposits to take advantage of better returns.

This year the charity has reported net unrealised gain of £49,093 on investments. Overall the listed investments fair value is 4% higher than the historical cost.

Reserves policy

;

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to several months’ expenditure to allow for any reductions in the level of income.

Due to restrictions in non-urgent maintenance work on the almshouses during the pandemic, with occupancy close to maximum, cash reserves increased, and such changes were taken into account in the annual review of residents’ weekly maintenance contributions. Maintenance costs have now increased, but not to pre-pandemic levels.

The smaller historic funds were reviewed in the year as some funds generate very little income and the specific objects are in some cases obsolete. The Ashbourne Poor fund was cashed in and distributed in full in the year, and the other funds were amalgamated and allocated to just two funds as appropriate, representing the main beneficiaries, namely the Church Fabric Fund and the Grammar School.

.

Major risks

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE . (THE OLD TRUST) TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

The Foundation known as The Governors and Assistants of Queen Elizabeth's Grammar School, Ashbourne (Old Trust) was incorporated under a Charter granted by Letters Patent by Queen Elizabeth | dated 15th July in the 27th year of her reign (i.e. 1585).

The Foundation and its endowment are administered in accordance with 1) AScheme made by the Minister of Education under the Charitable Trusts Acts, 1853 to 1925, which was sealed on 17th March 1960; 2) An Order of the Charity Commissioners for England and Wales, which was sealed on 12 January 1962; 3) A further Order of the Charity Commissioners dated 13 November 1997.

The trustees who served during the year and up to the date of signature of the financial statements were: B Bates .

Mr D Bell

M Betteridge

A Broom

J E Dawson

S Jones P Oakes : D Spencer S Spencer JH Taylor J W Tomkinson (Resigned 30 March 2023) M Weaving Mr N Moore Mr M Elias ; D Ballard (Resigned 27 July 2023)

Recruitment and appointment of trustees

New trustees are elected by the board of trustees and serve until they retire.

Organisational structure

The charity is unincorporated association, governed by a board of trustees. The trustees make policy and operational decisions by majority vote.

|

The trustees’ DY was approved by the Board of Trustees.

B Bates Trustee

30 July 2024

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The taw applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE

| report to the trustees on my examination of the financial statements of The Incorporated Govemors and Assistants of Queen Elizabeth's Grammar School, Ashboume (the trust) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

| report in respect of my examination of the trust's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the trust's gross income exceeded £250,000 your examiner must be a member of a body fisted in sectlon 145 of the 2011 Act. I confirm that | am qualified to undertake the examination because | am a member of the Association of Chartered Certifiad Accountants, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice Issued on 1 April 2005 which Is referred to in the extant regulations but has now been withdrawn.

| understand that this has been done In order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

1 have completed my examination, | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: :

| no concems and have come across no other matters in connection with the examination to which attention fl be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Jerroms Business Solutions Limited

Lumaneri House

Blythe Gate Blythe Valley Park Solfhull West Midlands B80 8AH

Dated: 30 July 2024

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) BALANCE SHEET

_

AS AT 31 DECEMBER 2023

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:

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 595,463 595,464
Investments 13 1,720,443 1,447,941
2,315,906 2,043,405
Current assets _
Debtors 14 19,945 7,055
Investments 15 52,829 84,788
Cash at bank and in hand 214,291 315,564
287,065 407,407
Creditors: amounts falling due within 16
one year 14,038 9,222
Net current assets 273,027 398,185
Total assets less current liabilities 2,588,933 2,441,590
The funds ofthe trust
Endowment funds 17 348,566 334,033
Restricted income funds 18 34,544 32,560
Unrestricted funds - general 835,679 723,605
Unrestricted funds - designated 19 1,370,144 1,351,392
2,588,933 2,441,590

The financial statements were approved by the trustees on 30 July 2024 B Bates A,La) n.w.Mr D BeltBUA Trustee ; Trustee

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

)

Charity information

The “Old Trust" was incorporated by Royal Charter by Queen Elizabeth |. Details of its constitution are given in the Trustees' Report.

1.1. Accounting convention

The financial statements have been prepared in accordance with the trust's governing documents, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” ("FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.

The financial statements of the Trust incorporate the audited accounts of the Ashbourne Almshouse Charity (which forms part of the Old Trust) which were drawn up to comply with the requirements of the Accounting Direction for private registered providers of social housing 2019, issued by the Regulator of Social Housing.

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The Ashbourne Almshouse Charity sets aside reserves in two Designated Funds. The Cyclical Repairs and Maintenance Fund is to cover a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue account in the year in which they are incurred. The Exceptional Repairs Reserve represents amounts to cover major repairs on housing properties.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

(Continued)

1.4 Income Income is recognised when the trust is legally entitied to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected.

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1.6 Tangible fixed assets

Tangible assets comprise 46 almshouses, which are used wholly for the purposes of the charity. The original cost of construction of the almshouses is not known. The carrying value in the financial statements represents the costs of improvements in modern times, less grants from the Housing Corporation, and are not depreciated. In view of the nature of their use, the trustees do not consider that the cost of obtaining a professional valuation to include in the financial statements would not serve any useful purpose, but they are insured for approximately £12 million being an indication of their replacement cost. ;

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1.10 Financial instruments

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) . FOR THE YEAR ENDED 31 DECEMBER 2023

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

)

Key sources of estimation uncertainty

Impairment of properties

The Trustees undertake an impairment review every year to determine any need for an impairment. The procedures in relation to the impairment of properties include:

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

3 Income from charitable activities

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Unrestricted Unrestricted
funds funds
; 2023 2022
£ £
Charitable activities
Sale ofgoods . - -
Rent and maintenance contributions from residents 150,645 150,645
Less: losses from voids , (959) (3,385)
149,686 147,260

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

5 Other income

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Unrestricted Unrestricted Total Unrestricted Unrestricted Total
funds funds funds funds
general designated general designated
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Net gain on disposal of
investments - 11,781 11,781 - - -
Received for access to
adjoining land 184 - 184 778 - 778
Insurance claim (Flood
costs) 68,461 - 68,461 - - -
68,645 11,781 80,426 778 - 778

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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7

8

Expenditure on charitable activities

Housing Housing Local
Charities		 Total
2023 2022 - 2022 2022
£ £ £ £
Direct costs
Property expenses 80,891 67,601 - 67,601
Miscellaneous donations 1,505 1,760 3,421 5,181
Sundry expenses 2,537 2,250 - 2,250
Flood costs (Insurance monies received) 60,523 - - -
145,456 71,611 3,421 75,032
Share ofsupport and governance costs (see note 8)
Support 6,954 7,800 - 7,800
Governance 10,019 13,200 - 13,200
162,429 92,611 3,421 96,032
Analysis byfund
Unrestricted funds - general 162,429 92,611 - 92,611
Restricted funds - - 3,421 3,421
162,429 92,611 3,421 96,032
Support costs allocated to activities
2023 2022
£ £
Officers’ emoluments 7,303 7,800
Governance costs 9,670 13,200
. 16,973 21,000
Analysed between:
Housing 16,973 21,000

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

11. Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Tangible fixed assets

12 Tangible fixed assets
Freehold land Housing Total
and buildings Corporation
grant
£ £ £
Cost
At 1 January 2023 1,163,164 (567,701) 595,463
At 31 December 2023 1,163,164 (567,701) 595,463
Carrying amount
At 31 December2023 1,163,164 (567,701) 595,463
' At31December2022 1,163,165 (567,701) 595,464

Tangible assets comprise 46 almshouses. There is no record of the original cost of certain properties, which were constructed many years ago, and no value is attributed thereto.

Included above are costs of £704,203 relating to improvements in modern times. These were funded by Housing Corporation grants of £567,701 and Residual Mortgage Loans of £59,039 repayable with interest over 30 years up to 2016. The balance of £77,463 was provided from the Charity's own resources.

13 Fixed asset investments

‘ Listed Other Total
: investments investments
£ £
Cost or valuation
At 1 January 2023 1,225,986 221,955 1,447,941
Additions
Valuation changes
Disposals		 365,013
49,092
(344,846)
—_		 203,243
-
-
_—		 568,256
49,092
(344,846)
_
At 31 December 2023 . 1,295,245 425,198 1,720,443
Carryingamount
At 31 December2023 - 1,295,245 425,198 1,720,443
At31 December2022 1,225,986 - 221,955 1,447,941
2023 2022
Other investments comprise: £ £
Loans 425,198 221,955

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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13. Fixed asset investments (Continued)
2023 2022
Investments at fair value comprise: £ £
GrammarSchool Endowment portofolio (in 6funds) 302,363 314,856
Almshouse Charity Portfolio (in 11 funds) 925,060 881,478
Small local charities (in 2 funds) ** 61,507 23,598
Grammar School general fund 6,315 6,054
1,295,245 1,225,986
All ofthe investments are in Pooled Investment Vehicles with a mix of Equities and Fixed Interest funds.
Most of these local charities were very old and generated very small amounts of income, and their original
purpose had in some cases become obsolete. The Ashbourne Poor fund was cashed in and distributed in full
to three local charitable causes. The other funds and their supporting investments were divided into two
sections and allocated to either the Church Fabric Fund or the Grammar School.
The historical cost ofthe listed investments is £1,246,395 (2022: £1,226,229).
14 Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 690 -
Prepayments and accrued income 19,255 7,055
19,945 7,055
15 Current asset investments
2023 2022
£ £
Loans 52,829 84,788
16 Creditors: amounts falling due within one year
; 2023 2022
£ £
Trade creditors
.		 1,674 -
Other creditors 2,824 -
Accruals and deferred income 9,540 9,222
, 14,038 9,222

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 )

17 Endowment funds

Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 January At 1 January Incoming Resources Resources Transfers Gains and At 31
2023 resources expended losses December
2023
_
£ £ £ £ £ &€£
Permanent endowments
334,033 14,626 _ (16,251) - 15,158 348,566
Previous year: At 1 January Incoming Resources Transfers Gains and At 31
2022 resources expended losses December
2022
£ £ £ £ £ £
Permanent endowments
364,412 10,222 (15,976) 283 (24,908) 334,033
Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust
subject to specific conditions by donors as to how they may be used.
At 1 January Incoming Resources Transfers Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £ £
32,560 - - - - 1,984 34,544
Previous year: At 1 January Incoming Resources Transfers Gains and At 31
2022 resources expended losses December
2022
£ £ £ £ £ £
38,805 736 (3,421) (283) (3,277) 32,560

18 Restricted funds

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) ~ NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

19 Unrestricted funds - designated

These are unrestricted funds which are material to the trust's activities.

At 1 January Incoming Resources Transfers Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £ £
Cyclical repairs
and
maintenance 375,038 22,897 (10,956) (44,488) - 342,491
Extraordinary
repairfund 896,825 29,269 (1,137) (5,786) 28,953 948,124
Charitable fund
property reserve 79,529 - - - - 79,529
1,351,392 52,166 (12,093) (50,274) 28,953 1,370,144
Previous year: At 1 January Incoming Resources Transfers Gains and At 31
2022 resources expended losses December
2022
£ £ £ £ £ £
1,375,923 22,755 (11,451) 50,742 (86,577) 1,351,392
20 ~=Analysis of net assets between funds
Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds
general designated
2023 2023 2023 2023 2023
£ £ £ £ £
Fund balances at 31 December 2023 are
represented by:
Tangible assets 515,934 79,529 - - 595,463
Investments 122,497 1,214,836 34,544 348,566 1,720,443
Current assets/(liabilities) 197,248 75,779 - - 273,027
835,679 1,370,144 34,544 348,566 2,588,933

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THE INCORPORATED GOVERNORS AND ASSISTANTS OF QUEEN ELIZABETH'S GRAMMAR SCHOOL, ASHBOURNE (THE OLD TRUST) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

20 = Analysis of net assets between funds

(Continued)

Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds
general designated
2022 2022 2022 2022 2022
£ £ £ £ £
: Fund balances at 31 December 2022 are
represented by:
Tangible assets 515,935 79,529 - - 595,464
Investments 157,733 951,754 23,598 314,856 1,447,941
Current assets/(liabilities) 49,937 320,109 8,962 19,177 398,185
. 723,605 1,351,392 32,560 334,033 2,441,590
  1. ~+Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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